Ill. comptroller Judy Baar Topinka says fiscal cliff will cost state
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CHICAGO (Associated Press) -
Illinois Comptroller Judy Baar Topinka estimates a $1 billion impact on the state budget if automatic federal spending cuts and tax increases take effect.
Topinka sent out a release Friday detailing the impact on the Illinois budget if Congress and President Barack Obama don't prevent the federal government from going over the fiscal cliff. Topinka says the fallout from the fiscal cliff could push Illinois into recession. Topinka estimates Social Security and income tax increases would lower Illinois tax revenues by up to $500 million.
Topinka says if a deal isn't reached to prevent the increases "the consequences will be devastating." She says a planned 2% increase in Social Security payroll taxes could cost Illinoisans up to $6 billion in take-home pay.
Thursday, May 16 2013 9:49 PM EDT2013-05-17 01:49:53 GMT
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Friday, May 17 2013 7:51 PM EDT2013-05-17 23:51:51 GMT
Illinois Gov. Pat Quinn must decide if he will sign a measure allowing the use of marijuana for medical purposes after the state Senate approved legislation on Friday.
Illinois Gov. Pat Quinn must decide if he will sign a measure allowing the use of marijuana for medical purposes after the state Senate approved legislation on Friday.
Faced with a trio of controversies, President Barack Obama is trying to halt a perception spreading among both White House opponents and allies that he has been passive and disengaged as unexpected developments...
President Barack Obama, seeking to regain his footing amid controversies hammering the White House, named a temporary chief for the scandal-marred Internal Revenue Service Thursday and pressed Congress to approve new...
After initially opposing the legalization of medical marijuana in Illinois, Lieutenant Governor Sheila Simon now supports the bill awaiting a State Senate vote. She told Good Day Chicago why she changed her mind.
After initially opposing the legalization of medical marijuana in Illinois, Lieutenant Governor Sheila Simon now supports the bill awaiting a State Senate vote. She told Good Day Chicago why she changed her mind.
Tuesday, May 14 2013 1:30 PM EDT2013-05-14 17:30:12 GMT
Alderman Brendan Reilly (42nd) said he has been meeting with municipal bond experts to try to find a way for the city to buy its 36,000 meters back from Chicago Parking Meters LLC.
Alderman Brendan Reilly (42nd) said he has been meeting with municipal bond experts to try to find a way for the city to buy its 36,000 meters back from Chicago Parking Meters LLC.
An Afghan official says a bomb hidden in a parked motorcycle has ripped through a crowded bazaar in a remote region of the southern Helmand province, killing at least three people and wounding seven.
A roadside bomb struck a U.S. convoy in southern Afghanistan Tuesday, killing three American troops, while a motorcycle bomb in a crowded village market killed at least three Afghan civilians, officials said.
FOX's Brett Baier has the latest on political headlines regarding former Secretary of State Hillary Clinton's Benghazi testimony and the IRS admitting to targeting conservative groups for tax enforcement.
FOX's Brett Baier has the latest on political headlines regarding former Secretary of State Hillary Clinton's Benghazi testimony and the IRS admitting to targeting conservative groups for tax enforcement.
Friday, May 17 2013 2:26 PM EDT2013-05-17 18:26:00 GMT
The Powerball jackpot has jumped again! An incredible $600 million is up for grabs, and officials expect it will increase even more before Saturday night's drawing.
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The Powerball jackpot has jumped again! An incredible $600 million is up for grabs, and officials expect it will increase even more before Saturday night's drawing.
Chicago born designer Samantha Sleeper is making a triumphant return home this weekend, to showcase her latest collection in the Gold Coast at her very own pop-up shop.
Chicago born designer Samantha Sleeper is making a triumphant return home this weekend, to showcase her latest collection in the Gold Coast at her very own pop-up shop.
Thursday, May 16 2013 9:49 PM EDT2013-05-17 01:49:53 GMT
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Thursday, May 16 2013 1:51 PM EDT2013-05-16 17:51:56 GMT
The Chicago Farmer's Market opened for business in Daley Plaza on Thursday, offering fresh fruit, vegetables, plants and flowers to anyone who stops by the downtown set-up.
The Chicago Farmer's Market opened for business in Daley Plaza on Thursday, offering fresh fruit, vegetables, plants and flowers to anyone who stops by the downtown set-up.
You can save thousands of dollars on your yard projects in just a couple of weekends, even if you haven't tried working on it before! FOX consumer reporter Steve Noviello shows you how.
You can save thousands of dollars on your yard projects in just a couple of weekends, even if you haven't tried working on it before! FOX consumer reporter Steve Noviello shows you how.
Former "Charlie's Angel" Jaclyn Smith is celebrating 28 years with Kmart by launching her new outdoor living line. She explained you can bring the comfort of the indoors outside by "shopping your way."
Former "Charlie's Angel" Jaclyn Smith is celebrating 28 years with Kmart by launching her new outdoor living line. She explained you can bring the comfort of the indoors outside by "shopping your way."
Wicker Park and Bucktown are hosting their very first Wed Local Expo at the Double Door. Couples can plan their weddings using local businesses. Chamber of Commerce president Stephanie Sack explains.
Wicker Park and Bucktown are hosting their very first Wed Local Expo at the Double Door. Couples can plan their weddings using local businesses. Chamber of Commerce president Stephanie Sack explains.
